Country for PR: China
Contributor: Xinhua News Agency
Friday, December 20 2019 - 22:18
AsiaNet
China (Guangdong) Pilot Free Trade Zone committed to a world-class business environment
GUANGZHOU, China, Dec. 20, 2019 /Xinhua-AsiaNet/--

Building a new innovative and open hub in the Guangdong-Hong Kong-Macao Greater 
Bay Area

December 20, 2019, marks the 20th anniversary of Macao's return to the 
motherland. Hengqin Area of Zhuhai, part of China (Guangdong) Pilot Free Trade 
Zone (GDFTZ), was established thanks to its neighboring Macao. Now with the 
most open system on the mainland, Hengqin has emerged as a place to boost the 
moderately diverse and sustainable economic growth of Macao. It has been home 
to 1,900 Macao enterprises with a total investment of USD 85.5 billion.

This is one of the examples of how GDFTZ, which comprises the Nansha Area of 
Guangzhou, the Qianhai & Shekou Area of Shenzhen, and the Hengqin Area of 
Zhuhai, stays committed to promoting opening up and the innovation-driven 
development of the Guangdong-Hong Kong-Macao Greater Bay Area.

Building the pilot free trade zone represents one of China's major measures to 
follow the trend of global economic development with greater commitment to 
opening up. The thriving GDFTZ, covering an area of 116.2 square kilometers in 
the Greater Bay Area, is demonstrating huge potential of a stronger competitor 
and influencer with great vision.

GDFTZ was ranked 32nd globally with a score of 77.31 in terms of ease of doing 
business, according to a simulation ranking of the Report on the Business 
Environment of China (Guangdong) Pilot Free Trade Zone released by KPMG 
Advisory (China) earlier this year. In the report, GDFTZ was also in the top 15 
worldwide in terms of indicators of starting a business, getting electricity, 
and enforcing contracts.

An enabling business environment in GDFTZ has been fostered with its resolution 
to advance reform and innovation. Since its inauguration in 2015, GDFTZ has 
achieved 456 institutional innovations, with many never seen before in China. 
Nansha, for instance, has taken a lead in launching intelligent supervision 
systems, such as "online customs", "the global quality and traceability 
system", and "ports for quality inspection", cutting the time to clear general 
cargos by 42.6%. The smart platform for monitoring, preventing and controlling 
local risks that Qianhai & Shekou set up has ensured efficiency in supervising 
more than 170,000 enterprises.

A sound business environment means increased productivity. In GDFTZ, greater 
convenience has been offered to enterprises to start businesses of all kinds as 
an increasing number of cross-border e-commerce businesses flow in; more 
opportunities have been given to companies to go global when their bonded goods 
are transferred to the downtown area for display; and costs have been 
significantly slashed thanks to the integrated storage of cargos, bonded and 
non-bonded ones.

International observers believe that the pilot free trade zone helps China 
deepen reform in all respects, but more importantly, it puts the country in a 
better position to attract investment with an improved business environment and 
the resulting influx of various factors and resources.

Over the past four years, GDFTZ has developed into a new urban center with 
high-rises from mud flats and islands in the Pearl River estuary region. And 
all its successes couldn't have been made possible without the efforts to 
prioritize institutional innovation, the commitment to build a demonstration 
zone for cooperation in the Greater Bay Area and sustain the long-term 
prosperity and stability of Hong Kong and Macao, and the resolve to shape a 
world-class business environment.

Source: China (Guangdong) Pilot Free Trade Zone

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Qianhai & Shekou Area of Shenzhen, China (Guangdong) Pilot Free Trade Zone